Create a Business Strategy in 5 Easy Steps

13th July 2018

Step 1: Write a Vision Statement.

What is a vision statement? It is a clear message of what the goal is or what you hope to achieve and it will be a marker as a guide to how you hope to achieve it. It is a good introduction for your employees to get to know your strategy and refer back to it in the future if required.

Example Vision Statment

To grow our business and launch a branch in every major city, giving consistency, presence and bringing communities together in our venues.

Step 2: Write a Mission Statement.

A mission statement will list what your company offers to your customers, what you can do for them or what you can do better. It should compliment your vision statement but should list the core DNA of the company. It should be something embedded in the way you operate and the way your employees speak!

Example Mission Statement

We exist to create a unique customer experience by offering great service, great local produce and innovative ideas. At our venues we use chilled relaxing music, interactive ways of ordering and encourage the personalities of our staff to create bonds with customers. We support local communities in our venues by hosting events and in the community by getting involved. We bring the heart of our surroundings into our business.

Step 3: Perform a Gap Analysis.

A gap analysis exists to set out where you are now and what you need to achieve the vision you have set out – What is the “gap” between “us” and the “goal”. It lays the foundation of how you can close the gap and achieve your vision. It is about identifying the gap, identifying how much the gap is and developing a means to close the gap and prioritizing how to do it.

Example Gap Analysis

We have branches in 3 out of 6 of Scotlands cities, but we are performing well in England.

We need to open another 3 branches (we have a gap of 3)

We could ask partners in respective cities to look for prospective branch locations. We could promote one of our existing managers who knows the Scottish market to open and recruit for 3 new branches. We will support the promoted employee by weekly meetings to check progress and ensure enough resources are in place.

Step 4: Write SMART Goals.

Smart goals can be defined as the following;

S Specific

M Measurable

A Attainable

R Relevant

T Timely

Example Smart Goal

Source a venue for a branch in Dundee within 4 weeks. The Branch location must be central to the city center, available for change of licensed operation and must currently have a glass front or have permission to add this.

This goal lists the specific requirement of where the branch must be and a basic of what it must look like from the outside. We can easily measure by scoping the local venues / buildings available. It can be Attained by us visiting and checking that the venues shortlisted meet our requirements and then choosing the best venue. The goal is relevant as it matches perfectly to our vision of opening branches in major cities. We have given a time which is reasonable to find a venue.

Step 5: Monitor Progress.

As with any future goal, we must reflect and continually look at progress being made. Plans can change or adjustments may be needed to keep the vision alive, on track or realigned to make sure that we meet our vision. This could be in the form of regular feedback meetings, project management tools with preset timelines or even a simple phone call to ask questions , giving us the information to make sure we are moving in the correct direction.

Need More Advice? Contact us to help with your business stategy!

We have been influencing businesses and helping them to grow for decades! Call us on 01698 833296 to discuss with one of our advisers or request a call back below!